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American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2017 Financial Results

Net income available to common stockholders of $7.1 million and $29.1 million for the three months and year ended December 31, 2017, respectively, or $0.15 and $0.62 per diluted share, respectively
Funds From Operations per diluted share decreased 4% and increased 4% year-over-year for the three months and year ended December 31, 2017, respectively
Reaffirming 2018 FFO annual guidance range of $2.01 to $2.09 per diluted share
Same-store cash NOI decreased 2.1% and 0.2% year-over-year for the three months and year ended December 31, 2017, respectively

SAN DIEGO, California - 2/13/2018 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2017.

Financial Results and Recent Developments
Net income available to common stockholders of $7.1 million and $29.1 million for the three months and year ended December 31, 2017, respectively, or $0.15 and $0.62 per diluted share, respectively
Funds From Operations ("FFO") decreased 4% and increased 4% year-over-year to $0.46 and $1.92 per diluted share for the three months and year ended December 31, 2017, respectively, compared to the same periods in 2016
Reaffirming 2018 FFO annual guidance range of $2.01 to $2.09 per diluted share
Same-store cash NOI decreased 2.1% and 0.2% for the three months and year ended December 31, 2017, respectively, compared to the same periods in 2016
Leased approximately 20,000 comparable office square feet at an average GAAP-basis and cash-basis contractual rent increase of 21% and 11%, respectively, during the three months ended December 31, 2017
Leased approximately 45,000 comparable retail square feet at an average GAAP-basis contractual rent and cash-basis contractual rent increase of 52% and 35%, respectively, during the three months ended December 31, 2017
Credit facility amended and restated to increase the revolving line of credit, extend maturity date and decrease credit spreads
Term loan agreement amended to decrease credit spreads

Net income attributable to common stockholders was $7.1 million, or $0.15 per basic and diluted share for the three months ended December 31, 2017 compared to $8.9 million, or $0.19 per basic and diluted share for the three months ended December 31, 2016. The decrease from the corresponding period in 2016 was primarily due to an increase in bad debt expense at Lloyd District Portfolio and increase in general and administrative expenses during the period related to a one-time non-cash charge associated with the vesting modification of previously granted restricted stock awards. The vesting modification was approved by our compensation committee during the fourth quarter of 2017 to adjust vesting based on their analysis of our relative total shareholder return over a three year period instead of our prior performance metric of relative forward FFO multiple. For the year ended December 31, 2017, net income attributable to common stockholders was $29.1 million, or $0.62 per basic and diluted share compared to $32.6 million, or $0.72 per basic and diluted share for the year ended December 31, 2016. The decrease was primarily due to an increase in depreciation and amortization expense attributed to the acquisition of the Pacific Ridge Apartments on April 28, 2017 and an increase in general and administrative expenses, as previously noted.

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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, February 13, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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